Bahrain-based Dallah AlBaraka Holding company has declared a firm intention to make an offer to acquire up to 22.62 per cent shares of Al Baraka Group (ABG), a regional Islamic bank, for a total value of $84.3 million.
The value of the cash offer is $0.30 for each ABG share. The cash for the offer will be sourced via Dallah’s internal resources, it said in a regulatory filing on the Bahrain Bourse.
Following the acquisition, ABG will be delisted from the Bahrain Bourse as it will better serve ABG’s long-term objectives, Dallah said.
Dallah’s ownership in ABG may increase up to 100pc including shares held by Dallah and the other connected ABG shareholders, who are not eligible to participate in the offer, it added.
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